Q1 revenue grew 21% YoY to 106.51 Cr, but PAT declined 4% to 43.89 Cr due to expensing 40 Cr in new film content costs. Management reiterates 20% annual revenue and PAT growth guidance, maintaining a 90-100 Cr content budget and 65-70% annual EBITDA margins. The company will distribute 217 Cr from last year's PAT via buyback/dividends; the buyback meeting is rescheduled to assess open market options. Digital engagement remains strong (158.3M YouTube subscribers). YouTube Shorts deal negotiations are ongoing. Management is confident in its content strategy.